For those who love to use virtual currency, there is good news. The CEO of Grayscale Investments and Digital Currency Group, Barry Silbert, said that the US has reached a stage where they can no longer ban Bitcoin. In the past, the regulations about cryptocurrency have been a worrying factor for market participants. However, the current situation looks favorable as there are chances of regulations improving in favor of cryptocurrencies in the United States. Even if there is no significant improvement, there are no visible threats in the near future, according to experts. This will surely make many more users go for this virtual currency. It has also attracted the attention of experts in finance who do not love much or are not in favor of the use of cryptocurrencies any more.
Support from policymakers for Bitcoin
Barry Silbert is of the opinion that there is good support coming from policymakers in this regard and they are more informed about the benefits of cryptocurrency than before. The regulators now believe that Bitcoin System can exist without creating any problems and they may ease some regulations down the line. There was some backlash for Bitcoin and other cryptocurrencies in the United States and also several other parts of the world. However, things are slowly changing as more and more people are participating eagerly in trading cryptocurrencies, and regulators also understand this concept in a better way.
Efforts by Blockchain supporters
The interesting thing is that this change has not come on its own and many groups that support Blockchain technology, including Blockchain Association, have made lots of efforts to improve relationships with the regulators. Coin Center, which is a known non-profit group for crypto advocacy, has also made several efforts in this regard. The Blockchain Association has been voicing its support for crypto companies and has always supported blockchain technology in every platform in the past.
Experts believe that the cryptocurrency industry is in a safe zone now with regards to regulations in the US. The supporters of Bitcoin and other cryptocurrencies are educating the policymakers in the US about the various advantages of using Blockchain technology. Apart from that, support is also coming from various institutions as they are keener to buy cryptocurrencies in recent times. There is a growing demand for bitcoin and other cryptocurrencies in the institutional segment this year as new users also enter the field.